The second to last paragraph of Article 86 of the Stock Market Law states that:

Size: px
Start display at page:

Download "The second to last paragraph of Article 86 of the Stock Market Law states that:"

Transcription

1 Annual Report 2013 GRUPO FINANCIERO BANORTE, S. A. B. DE C. V. Av. Revolucion 3000, Col. Primavera. C. P Monterrey, N. L., Mexico. This Annual Report was prepared in accordance with regulations applicable to companies issuing securities as well as other participants in the market with information for the fiscal year ending December 31, The 2,773,729,563 O series shares of Grupo Financiero Banorte, S.A.B. de C.V. in circulation as of December 31, 2013 are traded in the Bolsa Mexicana de Valores (Mexican Stock Exchange) under the symbol "GFNORTEO" and are registered in the National Securities Registry ("RNV"). The second to last paragraph of Article 86 of the Stock Market Law states that: Issuing companies with registered securities, must display in the prospectus, supplement or informative brochure, a legend that explicitly states that such registration does not imply a certification of the attractiveness of those securities, solvency of the issuer or the accuracy or truthfulness of the information contained in the prospectus, nor does it authenticate acts that, if the case, have been conducted in breach of these laws. This report is available at Select Annual Reports, in the Financial Information section, and then the document entitled Circular Unica CNBV 2013 Annual Report. Monterrey, N. L. April 30, Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 1

2 INDEX 1. GENERAL INFORMATION 4 a) Glossary of Terms and Definitions 4 b) Executive Summary 7 c) Risk Factors 13 d) Other Securities 36 e) Significant Changes to Registered Securities' Rights 40 f) Destination of Funds 41 g) Public Documents THE COMPANY 42 a) Development and History of the Company 42 b) Business Description 58 Page i. Main Activities 58 ii. Distribution Channels 60 iii. Patents, Licences, Brands and other Contracts 63 iv. Main Clients 65 v. Applicable Legislation and Tax Situation 65 vi. Human Resources 99 vii. Environmental Performance 99 viii. Market Information 103 ix. Corporate Structure 105 x. Description of Main Assets 106 xi. Administrative, Arbitration and Judicial Processes 106 xii. Representative Shares of Company's Equity 107 xiii. Dividends FINANCIAL INFORMATION 109 a) Selected Financial Information 109 b) Financial Information per Business Line, Geographical Region and Export Sales 111 c) Report of Relevant Loans 113 d) Management Analysis and Comments on Operating Results and the Company's Financial Situation i. Operating Results 117 ii. Financial Situation, Liquidity and Captial Resources Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 2

3 Page iii. Internal Control 149 e) Critical Accounting Estimates, Provisions or Reserves ADMINISTRATION 157 a) External Auditors 157 b) Operations with Related Parties and Conflicts of Interest 157 c) Managers and Shareholders 162 d) Corporate By-Laws and other Agreements STOCK MARKET 219 a) Share Structure 219 b) Performance of Shares in the Stock Market 219 c) Market Maker UNDERLYING ASSETS RESPONSIBLE OFFICERS ANNEXES 226 a) Audit and Corporate Practices Committee Report 226 b) Audited Financial Statements 229 Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 3

4 1. GENERAL INFORMATION a) GLOSSARY OF TERMS AND DEFINITIONS Unless the context suggests otherwise, for purposes of this Annual Report, the following terms have the meanings ascribed to them below and can be used interchangeably in singular or plural. TERM DEFINITION ADR s: American Depositary Receipts AFOREs: Retirement Saving Fund s Managers. Afore Bancomer: Administradora de Fondos para el Retiro Bancomer, S.A. de C.V. Afore Banorte: Banorte Generali, S. A. de C. V., AFORE. Afore XXI Banorte: Afore XXI Banorte, S.A. de C.V. (corporate identity after the Afore Banorte and Afore XXI merger). Arrendadora y Factor Banorte: Arrendadora y Factor Banorte, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Banorte. ATM's: Automated Teller Machine. Bancen: Banco del Centro, S. A. Bancrecer: Bancrecer, S. A. Banking Subsidiaries: Banorte and subsidiaries and Ixe Banco, S.A. Banorte: Banco Mercantil del Norte, S. A., Institucion de Banca Multiple, Grupo Financiero Banorte. Banorte-Ixe Tarjetas: Banorte-Ixe Tarjetas, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada (Formerly Ixe Tarjetas). Subsidiary of Banorte. Banorte USA: Banorte USA Corp., subsidiary of Banco Mercantil del Norte, S. A. Banxico: Bank of Mexico (Mexican Central Bank). BMV: Bolsa Mexicana de Valores, S. A. B. de C. V. (Mexican Stock Exchange). Capitalization requeriments: Capital requirements for credit institutions established in the LIC and Circular Unica de Bancos Casa de Bolsa Banorte: Casa de Bolsa Banorte, S.A. de C.V., Grupo Financiero Banorte (merged entity with Ixe Casa de Bolsa). Casa de Bolsa Banorte Ixe: Casa de Bolsa Banorte Ixe, S.A. de C.V., Grupo Financiero Banorte. CAPS: Comite de Auditoria y Practicas Societarias (Audit & Corporate Practices Committe). CC: Credit letters. CDP: Not-for-profit organization which provides the major environmental divulgation system in the world. CEBUR: Certificado Bursatil (Stock Certificate). CEDES: Certificados de Deposito a Plazo Fijo (Fixed term Certificate of Deposit). CETES: Certificados de la Tesoreria de la Federacion (Mexican Federal Treasury Certificates). Circular Unica de Bancos: General provisions applicable to credit institutions, published in the Official Gazette on December 2, 2005, as they have been modified. Circular Unica de Emisoras: General provisions applicable to issuers and other market participants, published in the Official Gazette on March 19, 2003, as they have been modified. COFECO: Comision Federal de Competencia (Federal Commission of Competion). CONDUSEF: Comision Nacional para la Proteccion y Defensa de los Usuarios de Servicios Financieros (National Comission for the Protection and Defense of Financial Services users). Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 4

5 TERM DEFINITION CONSAR: Comision Nacional del Sistema de Ahorro para el Retiro (National Comission of the Retirement Saving Funds System). CNBV: Comision Nacional Bancaria y de Valores (National Banking and Securities Commission). CNSF: Comision Nacional de Seguros y Fianzas (National Insurance and Bonding Commission). CPO s: Certificados de Participacion Ordinarios (Ordinary Participation Certificates). CR: Capitalization ratio. DMD: Deputy Managing Director DOF: Diario Oficial de la Federacion (Official Gazette). EMISNET: Electronic Communications System with Securities Issuers. EPS: Employee Profit Sharing Agreement. Fincasa Hipotecaria: Fincasa Hipotecaria, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Banorte. Forward: Non-standardized private contract to buy or sell a specific asset at a certain price level whose liquidation will be carried out at a future date. Generali: Assicurazioni Generali, S.P.A. Italian company. GFNORTE, the Company, Grupo Financiero Banorte, S. A. B. de C. V. the Issuer: Holding: Holding company. IFC: International Finance Corporation. IMPAC: Ley del Impuesto al Activo (Asset Tax Law). IMSS: Instituto Mexicano del Seguro Social. (Mexican Social Security Institute) INB: Inter National Bank, INB Financial Corp. Indeval: S. D. Indeval, Institucion para el Deposito de Valores, S. A. de C. V. (Institute for Deposit of Securities). IPAB: Instituto de Proteccion al Ahorro Bancario (Institute for the Protection of Bank Savings). ISR: Income Tax. Ixe Automotriz: Ixe Automotriz, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Banorte Ixe Banco: Ixe Banco, S. A., Institucion de Banca Multiple, Grupo Financiero Banorte Ixe Casa de Bolsa: Ixe Casa de Bolsa, S.A. de C.V., Grupo Financiero Banorte (changed its corporate identity to Casa de Bolsa Banorte Ixe) Ixe GF: Ixe Grupo Financiero, S.A.B. de C.V. Ixe Soluciones: Ixe Soluciones, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Banorte (merged in May 2013 with Solida which changed its name to Solida Administradora de Portafolios) Ixe Tarjetas: Ixe Tarjetas, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada (changed its corporate identity to Banorte-Ixe Tarjetas). LIC: Ley de Instituciones de Credito (Credit Institutions Law). LMV: Ley del Mercado de Valores (Securities Market Law). LRAF: Ley para Regular las Agrupaciones Financieras (Law to Regulate Financial Groups) MD: Managing Director M. E.: Moneda extranjera (Foreign currency). M. N.: Moneda nacional (Local currency, Mexican pesos). Motran: Motran Services Incorporated (remittance company based in Los Angeles, California). Nafin, Nacional Financiera: Nacional Financiera, S.N.C., Institucion de Banca de Desarrollo. NII: Net Interest Income. NIM: Net Interest Margin. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 5

6 TERM OTC: PDL: pp: PRLV: RNV: ROA: ROE: SAT: SCI/ICS: Shares SHCP: SIEFORE: SMEs: SOFOL: SOFOM: Solida: Swap: Tier 1: Tier 2: TIIE: TPV s/ POS: UAIR: UDIS: UMS: UniTeller: USA: USD: VaR: DEFINITION Over The Counter. Past due loan ratio Percentage points. Pagares Bancarios con Rendimiento Liquidable al Vencimiento (Bank notes with yield settlement at maturity). Registro Nacional de Valores (National Securities Registry). Return on Assets. Return on Equity. Servicio de Administracion Tributaria (Tax Administration Service). Sistema de Control Interno (Internal Control System). Common, nominative shares, with a face value of Ps. 3.50, corresponding to Series "O" Class II shares, which represent the variable portion of equity Secretaria de Hacienda y Credito Publico (Ministry of Finance and Public Credit). Sociedad de Inversion Especializada de Fondos para el Retiro (Specialized Retirement Savings Fund). Small and Medium Sized Businesses Sociedad Financiera de Objeto Limitado (Restricted Non Banking Financial Institution). Sociedad Financiera de Objeto Multiple (Multi-purpose Non Banking Financial Institution). Solida Administradora de Portafolios, S. A. de C. V. which was spun-off from Banco Mercantil del Norte to later merge with Ixe Soluciones in May Once merged into Ixe Soluciones, Solida change its coporate identity to Solida Administradora de Portafolios. Private contract establishing the bilateral obligation to exchange one stream of cash flow for another for a set period of time on pre-established dates. Basic capital. Complementary capital. Tasa de Interes Interbancaria de Equilibrio (Inter-bank Equilibrium Interest Rate). Point of Sale. Unidad para la Administracion Integral de Riesgos Unidades de inversion (Units of investment indexed to inflation). Bonos Soberanos Mexicanos (Sovereign Bonds). UniTeller Holdings, Inc. (remittance company based in New Jersey). United States of America. US dollars. Value at Risk. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 6

7 b) EXECUTIVE SUMMARY When analyzing the information contained herein is important to take the following into consideration: The financial information contained in this report is based on GFNORTE s Audited Consolidated Financial Statements for the years ended December 31, 2013 and 2012, published by Galaz, Yamazaki, Ruiz Urquiza, S. C., a member of Deloitte Touche Tohmatsu Limited dated February 20, For the year ended December 31, 2011, financial figures are based on GFNORTE s Audited Consolidated Financial Statements published by Galaz, Yamazaki, Ruiz Urquiza, S. C., a member of Deloitte Touche Tohmatsu Limited, dated February 27, 2013, and therefore include changes to accounting criteria that occurred in In January 2012, the merger between Afore Banorte and Afore XXI was completed. As a result, Banco Mercantil del Norte determined that it has no control over Afore XXI Banorte, and therefore does not consolidate it in its financial statements, and recognizes the equity participation method given its significant influence. Financial statements as of December 31, 2011, reflect the effects of the deconsolidation of Afore XXI Banorte, in order to make them comparable with the 2012 financial statements. Consequently, some figures in GFNORTE s 2011 Income Statement and Balance Sheet differ in this report to those in the Report that was sent to the authorities in April, Changes to Accounting Criteria. In January 2011, the CNBV issued a series of regulations to modify the accounting criteria of controlling companies of financial groups and financial institutions. The main changes are: a) For Controlling Companies. Criteria A-2 "Application of particular norms". The facility of not consolidating permanent investments in Insurance or Bonding companies in which the company is controlling has been eliminated with these criteria. As of February 1, such institutions must be consolidated with the financial statements of the controlling companies. As a consequence, the consolidation of Seguros y Pensiones Banorte (the Insurance and Annuities companies) has initiated. b) For Credit Institutions. Criteria D-2 "Income Statement". The way the Income Statement is presented was modified, mainly eliminating the items of "Non Operating Income (Expenses), net" and the accounts that were previously registered there will now be registered under "Other Operating Income (Expenses)" in the Operating Income heading. For more information about the changes to accounting criteria, refer to the corresponding section in the notes of the Audited Financial Statements (Note 4 - Significant Accounting Policies). In April 2011, the merger with IXE GF became effective, thereby, the year of 2011 includes 9 months of integrated results The arithmetic operations were carried out in pesos and in the following tables are presented in million pesos. As a result, some totals appear to have minimal errors, which is not the case as it is just a matter of rounding off figures. SELECTED FINANCIAL INFORMATION Grupo Financiero Banorte Net Income Grupo Financiero Banorte (GFNorte) (*) $13,508 $10,888 $8,517 Total Assets GFNorte (*) $1,006,788 $916,567 $825,147 Total Liabilities GFNorte (*) $898,097 $828,058 $748,713 Stockholders equity GFNorte (*) $108,691 $88,509 $76,434 Stockholders equity GFNorte excluding minority interest (*) $106,657 $81,881 $70,849 INFORMATION PER SHARE Net income per share (pesos) $5.35 $4.68 $3.79 Dividend per share (pesos) (1) $ $0.732 $0.52 Book value per share (pesos) (excluding minority interest) $38.45 $35.20 $30.45 Shares outstanding (millions) (2) 2, , ,312.8 INFRASTRUCTURE AND EMPLOYEES Bank branches (3) 1,288 1,316 1,285 ATMs (automated teller machines) 7,035 6,707 6,367 Full-time employees 27,474 26,108 24,100 Full-time employees and professional services 27,549 26,212 24,134 PROFITABILITY RATIOS NIM 4.2% 4.1% 4.1% Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 7

8 NIM adjusted for credit risks 3.2% 3.4% 3.3% Return on Assets (ROA) 1.4% 1.3% 1.1% Return on Equity (ROE) 14.2% 14.3% 14.1% OPERATIONS Efficiency Ratio (4) 52.0% 54.0% 55.6% Operating Efficiency Ratio (5) 2.9% 2.9% 3.2% Liquidity Ratio 137.4% 128.4% 101.8% ASSET QUALITY INDICATORS Past due loan ratio 3.1% 2.1% 1.9% PDL Reserve coverage 104.6% 138.3% 143.1% CAPITALIZATION RATIO Banco Mercantil del Norte 15.12% 14.75% 12.9% Ixe Banco % 15.3% (*) Million pesos. 1. Dividends approved by the Shareholders' Assemblies in 2013, 2012 and 2011 were: a total dividend of Ps.0.52 per share in 2011, to be paid in three installments (Ps 0.17 in October 2011, Ps 0.17 in February 2012 and Ps 0.18 in May 2012). The total dividend of Ps per share decreed in 2012 to be paid in four installments of Ps per share (October 2012, January, April and July 2013). Total Dividend decreed in 2013 was Ps per share to be paid in four installments of Ps per share (October 2013, January, April and July 2014) although in the Shareholders' Assembly celebrated on December , it was authorized to make the payments regarding the installment of January and April 2014 in advance on the 31 December The 2, million shares are the accumulated weighted average in 2013; while as of closing of 4Q13 the total amount of outstanding shares totals 2, million shares resulting from the increase in GFNorte s equity following the Public Offering carried out in July Includes bank modules and excludes agencies abroad. 4. Non Interest Expense / Total Income = Net Income + Non-Interest Income. 5. Non Interest Expense / Average Total Assets. Grupo Financiero Banorte s Results In 2013 GFNORTE reported profits of Ps billion, 24% higher vs The contribution to accumulated profits in 2013 by business sector was: Net Income of the Consolidated Banking Sector (Banco Mercantil del Norte, Banorte- Ixe Tarjetas, Banorte USA, and the 50% participation in Afore XXI Banorte) amounted to Ps billion pesos, 34% higher vs as a result of the integration of Ixe Tarjetas and Afore XXI Banorte, as well as a reduction in minority interest due to the payment made to IFC in the fourth quarter of Profits in this sector represented 90% of GFNORTE s net income. Excluding profits generated by Afore XXI Banorte and considering the effect of the Fincasa Hipotecaria merger and the Solida spin-off, the banking sector net income amounted to Ps billion, +46% vs. 2012, representing 79% of GFNORTE s net profits. The Brokerage Sector comprised of Casa de Bolsa Banorte Ixe and Operadora de Fondos Banorte-Ixe, reported profits of Ps 649 million, (5%) below YoY as a result of a decrease in operating income, and an increase in operating expenses and income tax. The accumulated profits of this sector represented 5% of GFNORTE s net income. Net Income for the Long Term Savings Sector comprised of Afore XXI Banorte, Insurance and Annuities Companies was Ps 3.58 billion, 65% higher vs. 2012, contributing with Ps 1.96 billion or 15% to the Group s profits according to the participation in this sector, which represents a YoY increase of 86%. This increase was due to the incorporation of Afore Bancomer s results, an improvement in business dynamics in the Insurance and Annuities companies and to a lesser extent, to the decrease in minority interest as a result of acquiring Generali's 49% participation in the Insurance and Annuities companies in October. SOFOM and Other Finance Companies comprised of Arrendadora y Factor Banorte, Almacenadora Banorte and Solida Administradora de Portfolios (which was spun-off from Banco Mercantil del Norte to later merge into Ixe Soluciones in May 2013), recorded profits of Ps 391 million in 2013, a 53% increase vs The accumulated profit of this sector represented 3% of GFNORTE s profits. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 8

9 In 2012, GFNORTE reported profits of Ps billion, 28% higher vs During 2012, Net Income of the Consolidated Banking Sector (Banco Mercantil del Norte, Banorte-Ixe Tarjetas, Banorte USA, and the 50% interest in Afore XXI Banorte) amounted to Ps 9.03 billion, 24% above Net income in this sector represented 83% of the Financial Group s profits. Excluding profits generated by Afore XXI Banorte and considering the effect of the Fincasa Hipotecaria merger and the Solida spin-off, the banking sector net income amounted to Ps 7.31 billion, +12% vs. 2011, representing 67% of GFNORTE s net profits. The Brokerage Sector generated accumulated profits of Ps 681 million, 63% YoY growth, contributing with 6% of GFNORTE s profits. The Long Term Savings Sector, generated profits of Ps 2.17 billion, a YoY increase of 87%; contributing with Ps 1.05 billion or 9.7% of GFNORTE s profits, based on the group s participation in these businesses, representing an increase of 84% vs SOFOM and Other Finance companies, reported profits of Ps 255 million, which represented 2% of GFNORTE s Profits. The following are the profits registered accordingly to the percentage of GFNORTE s participation in each business sector: Net Income by Segment Banking Sector (1) (2) Ps. 10,658 Ps. 7,310 Ps. 6,544 Brokerage $649 $681 $418 Long-Term Savings Ps. 1,962 Ps. 1,052 Ps. 573 Afore XXI Banorte (2) 1, Aseguradora (Insurance) Pensiones (Annuities) SOFOM and Other Finance Companies Ps. 391 Ps. 255 Ps. 708 Arrendadora y Factor (Leasing and Factoring) Almacenadora (Warehouse) Ixe Automotriz Fincasa Hipotecaria (1) Solida Administradora de Portafolios (3) (266) (425) - Other Companies $1 $1 ($62) Ixe Soluciones Ixe Servicios (4) - - (64) Holding (Ps. 153) Ps. 1,589 Ps. 336 GFNORTE Ps. 13,508 Ps. 10,888 Ps. 8,517 Million pesos. (1) For comparability purposes between 2013 and 2012 financial statements, some retroactive changes have been made to the corporate structure of Banco Mercantil del Norte, as include Fincasa Hipotecaria - merged in May and the Solida Administradora de Portafolios spin-off in May in the Financial Statements of 2012 of this sector. Therefore, figures and ratios of 2012 presented in the Banking Sector of this Annual Report differ from those presented to the authority in April Financial statements as of December 31, 2011 have not been modified, so are not comparable with those of 2013 and (2) As of 1Q12, Afore XXI Banorte is recognized under the equity participation method in Banorte's results; nevertheless, for informative and comparative purposes of this segment's profits, Afore XXI Banorte profits are presented in its corresponding business segment. (3) On April 26, 2013, it was approved that Banco Mercantil del Norte divested its interest in Solida, through a spin-off, and subsequently absorbed by Ixe Soluciones, in order to consolidate the recovery banking operations. Afterwards, Ixe Soluciones changed its name to Solida Administradora de Portafolios. The merger and spin-off were effective on May 24, Figures above in 2013 and 2012 correspond to Solida Administradora de Portafolios with these effects. (4) Previous to the merger with Solida Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 9

10 Comparative analysis: Summary of the years ended December 31, 2013 and Net Interest Income During 2013, GFNORTE s Net Interest Income increased 13% YoY, from Ps to Ps billion as a result of a combined effect of: a) A 16% increase in net financial revenues and loan origination fees derived from 6% growth in the loan portfolio, mainly in higher yielding products such as Payroll loans, Credit cards, SMEs and Mortgages. b) A (2%) decrease in the NII of the Insurance and Annuities Companies due to an increase in technical reserves stemming from growth in premium sales. c) Cancellation of the debt servicing cost of GFNORTE s US 800 million dollar syndicated loan disbursed in February and paid on July 26. d) A 100 basis point decrease in the benchmark rate during the year (50 basis points in March, 25 basis points in September and 25 basis points in October). Net Interest Income excluding the Insurance and Annuities companies presented an accumulated increase of 14%, from Ps billion to Ps billion pesos. The average NIM for 2013 was 4.2%, a YoY increase of 11 bp, resulting from growth in higher yielding segments (Consumer portfolio represented 14% of the total portfolio at the end of 2013 vs. 11% at the end of 2012). During 2013, NIM related to lending activity increased YoY by 44 basis points to 7.8%, whereas the average NIM excluding the Insurance and Annuities companies was 4.3% during 2013, 17 basis points higher vs. the previous year. Provisions Provisions charged to results in 2013 totaled Ps 8.94 billion, a 45% YoY increase vs This increase is mainly due to provisions created to cover exposures to home developers: URBI, GEO and HOMEX; in addition, the increase is explained by growth in Consumer portfolios which require higher initial provisions under the recently implemented methodology of expected losses, as well as growth in past due loans for the Consumer and SME portfolios as a result of the negative impact of slower economic growth. The average NIM adjusted for Credit Risks was 3.2% in 2013, a decrease of 14 basis points vs due to the increase in provisions registered during the first half of 2013 resulting from the deterioration in the exposures to home developers and in the loan portfolio as a consequence of the negative impact from weaker economic activity. Non-Interest Income In 2013, Non-Interest Income amounted to Ps billion, 12% higher YoY due to an increase in almost all headings, except real estate portfolio recoveries, as a result of better business dynamics. Non Interest Expense Non Interest Expenses in 2013 amounted to Ps billion, a 9% YoY increase vs derived mainly from the strengthening of business areas, the expansion of operating infrastructure and the payment of bonuses and incentives with a higher profit base, which was partially offset by declines in other items. The Efficiency Ratio during 2013 was 52.0%, (1.9 pp) YoY lower vs due to the positive operating leverage obtained in the period. Taxes Income tax during 2013 amounted to Ps 3.56 billion, (14%) lower YoY. The effective tax rate and the Employee Profit Sharing in 2013 was 22.8%, (7.8 pp) lower vs. 30.6% of Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 10

11 Net Income GFNORTE reported Net Income of Ps billion during 2013, 24% higher vs. 2012, due to the positive operating leverage derived from a 13% YoY growth in total income, as well as a lower rate of growth in operating expenses, which combined with the integration of Afore Bancomer s profits in Subsidiaries results and the use of tax credits, offset higher loan loss provisions mainly due to home developers' loans. ROE during 2013 was 14.2%, a YoY decrease of 12 bp vs. 2012; whereas, Return on Tangible Equity (ROTE), rose to 18.7%, unchanged vs. the previous year. On the other hand, ROA during 2013 was 1.4%, 15 bp higher YoY vs and Return on risk-weighted assets (RRWA) was 3.0%, a 34 bp increase vs Loan Portfolio Performing Loans Ps 424,837 Ps 401,190 Ps 350,265 Recovery Bank Total Performing Loans Ps 425,038 Ps 401,433 Ps 350,558 Past Due Loans 13,655 8,481 6,949 % PDL Ratio 3.1% 2.1% 1.9% Million pesos Total Performing Loans increased 6% YoY, growing by Ps billion to Ps billion at the close of 2013, excluding the proprietary loans managed by the Recovery Bank. The loan portfolio registered lower growth rates YoY mainly due to the economic slowdown in the year and prepayments made by corporate clients, which were not offset by the origination of new loans in this segment during In spite of this, the loan portfolio grew at a faster pace than the economy did. Past Due Loans At the close of 2013, past due loans amounted to Ps billion, 61% higher YoY vs. 2012, mainly due to an increase of past due loans in the corporate portfolio - especially from home developers -, SMEs, credit card, mortgage and payroll loans, derived from the negative impact of the economic slowdown. At the end of 2013, the Past Due Loan Ratio ( PDL ) was 3.1%, 1.0 pp higher YoY vs. 2012, mainly due to more past due loans in all segments, except Commercial and Government. Excluding the past due loans for the three troubled home developers, the NPL ratio would be 1.5%, 60 basis points below YoY. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 11

12 Deposits Non Interest Bearing Demand Deposits Ps. 122,499 Ps. 107,450 Ps. 91,860 Interest Bearing Demand Deposits (1) 132, ,968 98,085 Total Demand Deposits (2) 255, , ,944 Time Deposits Retail 129, , ,223 Core Deposits 384, , ,168 Money Market (3) 59,729 90,073 63,127 Total Banking Sector Deposits Ps. 444,148 Ps. 425,746 Ps. 369,295 GFNorte s Total Deposits (4) Ps. 443,741 Ps. 424,325 Ps. 370,293 Third Party Deposits 150, , ,918 Total Assets Under Management Ps. 594,783 Ps. 536,788 Ps. 493,213 Million pesos. (1) As of 2004, IPAB checking accounts for the deposit of cash collections related to the managed portfolios of Banpais and Bancen are excluded retroactively for comparison purposes. The balances of these accounts for 2011, 2012 and 2013 were Ps 0 million pesos in all cases. (2) Includes debit cards. (3) Includes bank bonds. (Customers and Financial Intermediaries). (4) Includes eliminations between subsidiaries. The eliminations during 2011, 2012 and 2013 were Ps 998 million, (Ps 1,421) million and (Ps 407) million, respectively. At the close of 2013, GFNORTE s Total Deposits amounted to Ps billion, an increase of Ps billion or a 5% YoY increase vs. 2012, driven mainly by the efforts to promote Banorte-Ixe s deposit products. In the Banking Sector, Total Deposits amounted to Ps billion, a 4% increase or Ps billion higher YoY, comprised of a 21% increase in Demand Deposits, a 4% increase in Retail Time Deposits and a (34%) decrease in Money Market Deposits. Monthly stock performance for the last 6 months: Date Maximum Minimum Closing Volume of Shares (Daily Total Volume Average) 30/09/ ,698, ,961,417 31/10/ ,734, ,887,150 30/11/ ,665, ,301,662 31/12/ ,344, ,892,555 31/01/ ,939, ,661,814 28/02/ ,429, ,169,147 31/03/ ,893, ,646,608 Source: Bloomberg. In Section 2. "a) The Company - Development and History of the Company of this Annual Report are the Material Events of 2013, as well as those which happened during the first quarter of Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 12

13 C) RISK FACTORS The risks and uncertainties described below are not the only ones the Company faces and the importance of the risk that we attribute to them today may increase in the future. GFNorte s operations may also face unknown risks or risks that we currently consider immaterial. If any of the risks described below occur, they could adversely and significantly affect activities, results of operations, projections and the financial situation of the Company, as well as the price or liquidity of Shares. Unless otherwise stated, when referring to Banorte, only Banorte, our main subsidiary is considered. Unless otherwise indicated, or if the context so requires, the terms "GFNorte", "us" and "our" refer to Grupo Financiero Banorte, S.A.B. de C.V. and its subsidiaries. a. Risks Relating to Our Business a.1. Our financial results are subject to fluctuations in interest rates and other market risks. Market risk refers to the probability of variations in our net interest income, or in the market value of our assets and liabilities and securities positions, due to interest rate and equity market volatility. Changes in interest rates and equity values affect the following areas, among others, of our business: net interest income; the volume of loans we originate; the market value of our financial assets; and gains from sales of loans and securities by our subsidiaries. A significant portion of our assets are long-term assets, and some were originated with fixed nominal interest rates. In contrast, most of Banorte s and other subsidiaries' (such as Arrendadora y Factor Banorte) borrowings are short-term. When interest rates rise, we must pay higher interest on our borrowings while interest earned on granted loans to our clients does not rise as quickly, which causes profits to decrease and may affect our ability to meet our liabilities. Interest rate increases could result in decreases in the net interest income of our loan portfolio, which would adversely affect our financial condition and results of operations. In addition, increases in interest rates may reduce the volume of loans we originate. Sustained high interest rates have historically discouraged customers from borrowing and have resulted in increased delinquencies in performing loans and deterioration in asset quality. Increases in interest rates may also reduce the value of our financial assets. Banorte and some of our other subsidiaries hold a substantial portfolio of loans and debt securities that have both fixed and adjustable interest rates. The market value of a security with a fixed interest rate generally decreases when interest rates rise, which may have an adverse effect on our earnings and financial position. In addition, Banorte or any other of our other subsidiaries may incur costs (which, in turn, will impact their results) as strategies are implemented to reduce future interest rate exposure. The market value of an obligation with an adjustable interest rate can be adversely affected when interest rates increase, due to a lag in the determination of a new interest rate and in the implementation of repricing terms. Increases in interest rates may reduce gains or require us to record losses on sales of loans or securities. In recent years, interest rates in Mexico have been low by historical standards and may continue in the future. a.2. We may be unable to control effectively the level of non-performing or low credit quality loans in our loan portfolios, our loan loss reserves may be insufficient to cover future loan losses. Non-performing or low credit quality loans can negatively impact the results of our operations. We cannot assure that we will be able to control and reduce effectively the level of the impaired loans in our loan portfolio. In particular, the amount of our reported non-performing loans may increase in the future as a result of growth in our loan portfolio or factors beyond our control, such as the impact of the global financial crisis and macroeconomic trends and political events affecting Mexico or events affecting certain industries. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 13

14 As of December 31, 2013 and December 31, 2012, the aggregate outstanding principal amount and accrued interest of loans to Banorte s 15 largest clients (including corporate and Mexican government loans) represented 19.7% and 21.1%, respectively, of its total loan portfolio. If the financial stability of any of these clients were to be negatively impacted by political, economic or industry-related developments or any other factor, it could lead to an increase in Banorte s non-performing or low credit quality loans. In addition, current loan loss reserves may not be adequate to cover an increase in the amount of non-performing loans or any future deterioration in the overall credit quality of Banorte's or any other subsidiary's loan portfolio. As a result, if Banorte s or any other subsidiary's loan portfolio deteriorates it may be required to increase their current loan loss reserves, which may adversely affect our financial position and results of operations. Moreover, there is no precise method for predicting credit losses, and we cannot assure that Banorte s or any other subsidiary's loan loss reserves be sufficient to cover effectively incurred losses. If Banorte or any other subsidiary is unable to control or reduce the level of its non-performing or poor credit quality loans, their financial position and results of operations could be adversely affected. a.3. Banorte has experienced asset quality problems, including with respect to collaterals, and has reported relatively large loan loss provisions. As is the case with many Mexican banks, the asset quality of Banorte s loan portfolio, including collaterals, has been negatively affected by the unfavorable financial and economic conditions prevailing in Mexico following the global financial crisis that commenced in September Mexican regulatory authorities and the banking system responded to this situation in several ways, including making revisions to Mexican Banking GAAP, including allowing for the reclassification of certain available for sale securities to held to maturity securities and broadening the class of securities available for repurchase. Other regulatory responses have included imposing more stringent loan loss reserve requirements and capitalization standards, as well as adopting a number of programs designed to provide relief to Mexican borrowers in connection with the granting and restructuring of performing loans. Such reserve requirements compliance could have an adverse impact on our financial results, which could affect our ability to pay dividends to our shareholders. Unfavorable financial and economic conditions in Mexico caused Banorte to experience asset quality problems and to record large loan loss provisions due to adopted regulatory provisions. We also believe that recoveries from those non-performing loans as a percentage of the non-performing loan portfolio are likely to decline over time as a consequence of the aging of such nonperforming loan portfolio, as well as the decreased value of the collateral supporting these loans. In Mexico, foreclosure procedures may be subject to delays and administrative requirements that may result in lower levels of recovery on collateral compared to its original value, even though the recently enacted financial reform, aims to make these process quicker. In addition, other factors such as defects in the perfection of Banorte s collaterals, fraudulent transfers by borrowers or a reduction in the value or liquidity of the collateral may impair its ability to recover on its collateral. Accordingly, there cannot be assurance that we will be able to realize the full value of our collateral. As a result, lower recovery rates, asset quality deterioration, decreased value of collateral and lower levels of recovery on collateral compared to its value could have a material and adverse effect on our business, financial condition and results of operations. a.4. We are exposed to the home building development sector, and the amount of non-performing loans granted to this sector could adversely affect our results of operations and financial condition. Through our subsidiaries Banorte, Arrendadora y Factor Banorte and Solida, we have been involved in extending loans to and participated, through specialized trust operations, in home development projects. Some companies in this sector have experienced, and are currently experiencing, financial difficulties. As a result of these challenges, three of the largest companies in this sector are in the process of restructuring their debt and have recently missed payments on their debt. As of December 31, 2013, we had a loan exposure to Urbi Desarrollos Urbanos, S.A.B. de C.V., Corporacion Geo, S.A.B. de C.V. and Desarrolladora Homex, S.A.B. de C.V. amounting to Ps 8.71 billion representing 2.0% of our total loan portfolio, of which Ps 8.68 billion corresponds to Banorte and Ps 30 million to Arrendadora y Factor Banorte. Of the loans granted to these companies, Ps 7.00 billion was past due and reserved as of December 31, % of the loan portfolio is guaranteed. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 14

15 As of December 31, 2013 Solida had Ps 8.62 billion in investment projects through specialized trusts and Ps 553 million in collection rights. We cannot provide assurance of the level of recovery that we can achieve from the loans to this sector or that we will be able to realize our target level of reserves or, if we do, that such reserves will cover the total losses expected from loans in the home building development sector, which could adversely affect our results of operations and financial condition. a.5. We may be unable to implement successfully and continue to improve our credit risk management system, which could substantially and adversely affect our results of operations and financial position. As a commercial bank, one of the main risks Banorte faces is credit risk. We may not be able to develop a credit risk management system that functions effectively. For example, an important part of Banorte s credit risk management system is to employ an internal credit rating system to assess the particular risk profile of customers. As this process involves detailed analyses of the customer or credit risk, considering both quantitative and qualitative factors, it is subject to human error. In exercising their judgment, Banorte s employees may not always be able to assign an accurate credit rating or to identify a customer s credit risk, which may result in exposure to higher credit risks than indicated by Banorte s risk rating system. In addition, Banorte has been trying to refine and strengthen its credit policies and guidelines to address potential risks associated with particular industries or customers, such as affiliated entities. However, Banorte may not be able to timely detect these risks before related losses occur, or due to limited resources or tools available, its employees may not be able to implement effectively the risk identification and management system, which may increase its credit risk. As a result, failure to implement effectively, follow consistently or revise continuously Banorte s risk management system may result in a higher risk exposure, which could materially and adversely affect our results of operations and financial position. a.6. The credit card industry is highly competitive and entails significant risks, including the possibility of over-indebtedness of customers. The credit card industry in Mexico is dominated by institutions that may possess greater financial resources and broader coverage in this market than we do. Moreover, our credit card business is subject to a number of risks and uncertainties, including the possibility of over-indebtedness of our customers and the higher rate of consumer default in the credit card industry than other credit industries. Part of our current growth strategy is to increase volume in the credit card portfolio, at the same or a slightly greater rate than the market, which may increase our exposure to risk in our loan portfolio, which could have a material adverse effect on us. a.7. The retail banking market is exposed to macroeconomic shocks that may negatively impact household income, and a downturn in the economy could result in increased loan losses. One of our main strategies is to focus on our retail banking sector and grow our retail loan portfolio. The recoverability of these loans in particular and our ability to increase the amount of performing loans, and our results of operations and financial condition in general, may become increasingly vulnerable to macroeconomic shocks that could negatively impact the household income of our retail customers and result in increased loan losses, which in turn could have a material adverse effect on us. Furthermore, because the penetration of bank lending products in the Mexican retail sector historically has been low, there is little basis on which to evaluate how the retail sector will perform in the event of an economic crisis, such as a recession or a significant devaluation, among others. Consequently, our historical loan loss experience may not be indicative of the performance of our loan portfolio in the future. a.8. Banorte maintains lower levels of capital or reserves in connection with loans to the Mexican federal, state and municipal governments. The Mexican provisions regarding capitalization and creation of reserves for loan losses in credit institutions require significantly lower capitalization levels or creation of reserves in connection with loans made to the Mexican federal, state or municipal governments (together, the Governmental Loans ). Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 15

16 Recently, Banorte has created sufficient capital and reserves pursuant to new regulations in Mexico that require provisions according to expected losses for governmental loans, and these reserves represent a lower percentage of the total portfolio of government loans compared to the percentage of reserves established in portfolios for other segments; nonetheless, this situation is inherent to the risk profile of the portfolio. As of December 31, 2013 governmental loans amounted to Ps billion, or 21.6% of Banorte s total loans portfolio; whereas, in GFNORTE amounted to Ps billion or 21.8% of its total loan portfolio. As a result, if the credit quality of Governmental Loans were to deteriorate, either specifically or at a generalized level, this could result in an adverse impact on our financial position and results of operations, and this impact would be in function of the size of the exposures to these entities, the extent of the deterioration in their internal credit ratings assigned by our risk management area according to the methodology approved by the CNBV, and the guarantees of these loans, among other factors. As of December 31, 2013, non-performing loans in GFNORTE's government sector amounted to Ps.2.3 million, and in Banorte any balance was registered. a.9. Some of GFNORTE s loans to Mexican states and municipalities may be restructured. Mexican government and commercial banks, including Banorte, have from time to time agreed to modify the terms of Governmental Loans. Such modifications have included extensions in maturity of up to 12 years, reductions in interest rates and prepayment options. As of December 31, 2013, GFNORTE has restructured performing loans amounting to Ps billion. There cannot be assurance that other Governmental Loans or even already restructured loans will not be similarly restructured in the future in a way that would be materially adverse to us and our subsidiaries. Recently, the SHCP announced its intentions to implement a plan to restructure the debt of state and municipal governments. We cannot provide assurance that upon the implementation of such plan, the loans that Banorte has granted to state and municipal governments will not be restructured or that they will be restructured on terms favorable to Banorte. Any such restructuring could adversely affect our business, financial condition and results of operations. a.10. The rules applicable to reserves for loan losses to Governmental Loans have recently been amended. On October 5, 2011, the CNBV amended the rules applicable to reserves for loan losses for loans to states and municipalities in an effort to conform its regulations to the most recent recommendations issued by the Basel Committee. These new rules shift away from an accrued losses methodology to an expected losses methodology intended to help identify certain sector risks in advance. Both qualitative and quantitative credit information is now required to mitigate the risk of sudden changes in reserve levels associated with credit transactions with states and municipal entities. The expected losses approach takes into account several factors including probability of default and magnitude of a given loss instead of allowing reliance on credit agencies ratings. The CNBV rules also require banks to retrospectively fully reserve for short-term credits included in any restructuring process. As a result of the new methodology, GFNORTE s reserves for loan losses as of December 31, 2013 were Ps. 963 million and for Banorte amounted to Ps 938 million. In the future, the CNBV could further change accounting regulations for determination of allowances for loan losses or the methodology to measure credit risk of governmental institutions. a.11. Many of our loans to Mexican state and municipal governments are secured by cash flows from the Mexican federal government. Most of our loans to Mexican state and municipal governments are secured by such entities right to receive their corresponding allocation of participaciones federales. Any changes to Mexican laws and regulations regarding the use of participaciones federales as source of payment for these type of loans, may require amendments to our credit facilities and may impact the credit risk of such facilities or the manner in which we conduct business with Mexican state and municipal governments, which in turn could affect our results of operations and financial position. Furthermore, as participaciones federales are in function of the condition of the Mexican economy, we cannot assure that the participaciones federales to Mexican state and municipal governments will remain at their current Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 16

17 funding level. If participaciones federales were reduced to a lower level as a result of changes to Mexican laws and regulations, our results of operations and financial condition could be adversely affected. Defects in the perfection of our collaterals or fraudulent transfers by borrowers may impair our ability to recover on our collateral. Accordingly, there cannot be assurance that we will be able to realize the full value of our collateral in connection with loans to Mexican state and municipal governments. If we were not able to realize the full value of our collateral, our results of operations and financial condition could be adversely affected. a.12. The future of lending to the government sector in Mexico is uncertain. Our business is subject to a continuously evolving regulatory regime of financial service laws, regulations, administrative actions and policies in each jurisdiction in which we operate. Furthermore, due to certain recent high profile restructurings of Mexican state and municipal debt, the Mexican Congress, regulatory agencies and media coverage have been focused on government lending. As a result, we cannot provide assurance that the trend of growing government lending over the past decade will not be affected by potential regulatory changes or by increases in the level of reserve requirements, and, if such growth trends do not continue, our results of operations could be adversely affected. Additionally, although state and municipal public debt is regulated by Mexican regulation, there are certain provisions and limitations set forth in the Mexican Federal Constitution and other federal laws (especially in connection with using participaciones federales as a source of payment and the use of participaciones federales as a public funding investment). In the past, there have been inconsistencies between state law and federal law which have been subject to resolution by the Mexican Supreme Court. Some of these judgments have had an adverse effect on the manner in which Governmental Loans have been granted. We cannot ensure that future judicial interpretations or resolutions will not have an adverse effect on our Governmental Loans. In addition to the reform packages relating to terms and conditions of government lending, on April 9, 2014 financial reforms were enacted. We cannot assure that such reforms will not have an adverse and material effect on our business, financial condition or results of operations.. a.13. Our borrowers that are Mexican federal, state or municipal governments or agencies may claim privileges under Mexican law, and our ability to sue and recover may be limited. Article 9 of the Fiscal Coordination Law (Ley de Coordinacion Fiscal) provides that participaciones federales used by states or municipalities may not be subject to attachment or liens, may not be assigned or subject to retention or withholding, except that they may be used to satisfy payment obligations of such states and municipalities, provided they have the authorization of the local congress and are registered with the Ministry of Finance in the Registry of Obligations and Loans of the States (Registro de Obligaciones y Emprestimos de Entidades Federativas). In addition, Article 4 of the Mexican Federal Code for Civil Procedure (Codigo Federal de Procedimiento Civiles) does not allow attachment prior to judgment or attachment in and of execution upon a judgment by a Mexican court upon any of the assets of the federal, state or municipal governments. As a result, the ability to enforce judgment against such governments or agencies, upon the occurrence of a default, may be limited, and this could materially affect our business, financial condition and results of operation. a.14. Loan loss reserves in Mexico differ from those applicable to banks in the United States and other countries. Except for loans to governments and loans to certain Mexican development banks guaranteed by the federal government and the Mexican Central Bank, Banorte is required to classify each loan or type of loan according to an assessment of risk based on criteria set forth by Mexican banking regulations and to establish corresponding reserves. The criterion to establish reserves include both qualitative and quantitative factors. Mexican banking regulations relating to loan classification and determination of loan loss reserves are generally different than those applicable to banks in the United States and certain other countries. The Mexican government has enacted new rules regarding the way in which Mexican banks classify loans and determine loan loss reserves. In particular, in 2009, the CNBV approved new rules that affect Banorte s provisions regarding the expected losses methodology to Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 17

18 reserve loan losses. In 2009 such methodology was implemented for credit card portfolio, in 2010 for consumer and mortgage loans, in 2011 for government portfolio and in 2013 for commercial loans, including those originated by Arrendadora y Factor Banorte. GFNORTE and its subsidiaries may be required or deem necessary to increase their respective loan loss reserves in the future, as a result of changes in CNBV rules or for other reasons, including the recently adopted expected loss methodology for commercial loans. Increasing loan loss reserves could adversely affect our results of operations and financial position. a.15. The short-term nature of Banorte s funding sources may pose a liquidity risk. Many Mexican banks have suffered severe liquidity problems in the past, particularly in connection with refinancing short- and medium-term dollar liabilities in the international capital markets. No assurance can be given that liquidity problems will not affect the Mexican banking system again or that liquidity constraints will not affect Banorte in the future. We expect Banorte to be able to pay or refinance its future liabilities, but no assurance can be given that it will be able to repay such liabilities or refinance such liabilities on favorable terms. We anticipate that customers in Mexico will continue in the near future to demand short-term deposits (particularly demand deposits and short-term time deposits) and loans, and that Banorte will maintain its reliance on the use of deposits as a source of funding. The short-term nature of this funding source could cause liquidity problems for Banorte in the future if deposits are not made in the volumes it expects or are not renewed. As of December 31, 2013, 97.3% and 97.6%% of GFNORTE's and Banorte s, respectively, local and foreign currency deposits had remaining maturities of one year or less or were payable on demand (See section 8 Annexes. Subsection c) Audited Financial Statements Note 21 Deposits of this Annual Report). In the past, a substantial portion of such customer deposits have been rolled over upon maturity or maintained with Banorte (in the case of demand deposits) and, as a result, such deposits have been a stable source of funding over time. No assurance can be given, however, that customers will continue to roll over or maintain their deposits with Banorte. If a substantial number of Banorte s customers fail to roll over their deposits upon maturity or withdraw their deposits from Banorte, its liquidity position could be adversely affected, and it may be required to seek funding from more expensive sources, affecting our financial condition and results of operations. a.16. We engage in transactions with our subsidiaries and affiliates on terms that others may not consider to be on an arm s length basis. Banorte has entered into certain service agreements with its subsidiaries and affiliates, allowing them to offer their products and services within Banorte s branch network in consideration for certain fees. In addition, we and our subsidiaries and affiliates have entered into a number of agreements to share revenues or expenses in connection with the performance of certain activities, including loan recovery. Mexican law applicable to public companies and financial groups and institutions and our by-laws provide for several procedures designed to ensure that the transactions entered into with or among our financial subsidiaries do not deviate materially from prevailing market conditions for those types of transactions, including the approval by our Board of Directors and the receipt of an independent expert s opinion. We are likely to continue to engage in transactions with our subsidiaries and affiliates, and our subsidiaries and affiliates are likely to continue to engage in transactions among themselves, and no assurance can be given that the terms that we or our subsidiaries consider to be substantially on market conditions will be considered as such by third parties. In addition, future conflicts of interest between us and any of our subsidiaries or affiliates, and among our subsidiaries and affiliates, may arise, which may or may not be resolved in our favor. (See section 4 Administration, subsection b)operations with Related Parties and Conflicts of Interest of this Annual Report.) a.17. We are exposed to volatility in Peso exchange rates and interest rates in Mexico. We are exposed to currency risk any time we hold an open position in a currency other than Pesos and to interest rate risk when we have an interest rate re-pricing gap or carry interest-earning securities having fixed real or nominal interest rates. FX rates and interest rates in Mexico have been subject to significant fluctuations in recent years. Because of the historical volatility in Peso exchange rates and interest rates in Mexico, the risks associated with such positions may be greater than in certain other countries. Exchange rates and interest rates have experienced considerable volatility from October 2008 to date due to the U.S. and international financial Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 18

19 crisis. Although we follow various risk management procedures in connection with our trading and treasury activities, there cannot be assurance that we will not experience losses with respect to these positions in the future, any of which could have a material adverse effect on our results of operations and financial position. In 2008 and 2009, as a result of the negative economic conditions in the United States and in other parts of the world, local and international markets experienced high volatility, which contributed to the depreciation of the Peso. During 2008 and 2009, the Peso depreciated by 19.7% compared to the U.S. dollar. During 2010, 2011, 2012 and 2013 the Peso appreciated 5.5%, depreciated 13.0%, appreciated 7.0% and depreciated 0.9%, respectively. As of closing February 2014, Peso depreciated 3.3%. In recent years, interest rates in Mexico have been low by historical standards; however, there cannot be assurance that such low rates will continue in the future. A sustained increase in interest rates will also raise our funding costs and may reduce GFNORTE s loan demand, especially among retail banking products. Rising interest rates may therefore require us to re-balance our asset portfolio and our liabilities in order to minimize the risk of potential mismatches and maintain our profitability. In addition, rising interest rate levels may adversely affect the Mexican economy and the financial position and repayment ability of GFNORTE s corporate and retail borrowers, including credit cards holders, which in turn may lead to deterioration in our asset quality. Also, volatility in exchange and interest rates could affect the ability of GFNorte s clients to repay their loans, which could result in an increase in GFNORTE s non-performing loan portfolio, and therefore materially and adversely affect our business, financial condition and results of operations. a.18. We are subject to market and operational risks associated with derivative transactions, as well as structuring risks and the risk that documentation does not incorporate accurately the terms and conditions of derivative transactions. Banorte enters into financial derivative transactions primarily for hedging purposes and, to a lesser extent, on behalf of its customers. Accordingly, we are subject to market and operational risks associated with these transactions, including basis risk (the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedging cost) and credit or default risk (the risk of insolvency or other inability of the counterparty to a particular transaction to perform its obligations thereunder). Mexican courts have limited experience in dealing with issues related to derivatives transactions. Given that for certain of our financial derivative transactions the derivative market is not yet as developed in Mexico as in other jurisdictions, there are added structuring risks and the risk that our documentation will not incorporate accurately the terms and conditions of such derivative transactions. The execution and performance of these types of transactions depend on our ability to develop adequate control and administration systems, and hire and retain qualified personnel. Moreover, the ability of Banorte to adequately monitor, analyze and report these derivative transactions depends, to a great extent, on its information technology systems. In addition, Afore XXI Banorte, through its specialized pension funds (Sociedades de Inversion Especializadas de Fondos para el Retiro), or Siefores, carries out derivatives transactions (interest rate and foreign exchange futures and forwards, interest rate swaps, equities futures and forwards) on behalf of third parties. These factors may further increase the risks associated with these transactions, leading to material and adverse effects on our results of operations and financial position. a.19. Our growth strategy is in part dependent on our ability to acquire other financial institutions and we may not be successful in integrating the operations of those financial institutions. Our ability to continue to grow by acquisitions is dependent upon, and may be limited by, the availability of suitable acquisition candidates, our ability to negotiate acceptable acquisition terms and our assessment of the characteristics of potential acquisition targets such as: financial condition and results of operations; attractiveness of products and services; suitability of distribution channels; management ability; and Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 19

20 the degree to which the acquired operations can be integrated with our operations and systems. Furthermore, the completion of these acquisitions is subject to a number of risks, including the following: access to capital and financing sources; restrictions contained in our debt instruments; the uncertainty of the legal environment relating to mergers and acquisitions; and ability to integrate successfully the operations of the acquired entity with ours. Growth through acquisitions involves risks that could have a material and adverse effect on our results of operations, including: difficulties in integrating the operations; undisclosed liabilities and other hidden asset quality problems which could significantly impact the capital requirements or applicable reserves; failure of the acquired entities to achieve expected results; non-qualified personnel of the acquired companies; diversion of management attention from the operation of the existing businesses; possible inability to achieve expected synergies and/or economies of scale; and the potential loss of key personnel and customers of acquired companies. We cannot assure that we will be able to identify suitable acquisition candidates, complete the acquisitions on satisfactory terms or, if any such acquisitions are consummated, satisfactorily integrate the acquired businesses. We acquired Bancentro in 1996, Banpais in 1997, Bancrecer in December 2001, INB and UniTeller in 2006, Motran in 2007 and Ixe Afore, S.A. de C.V., Afore Ahorra Ahora, S.A. de C.V. and Afore Argos, S.A. de C.V. in In 2011, we significantly expanded our financial group through our merger with Ixe GF, in 2012 we merged with Afore XXI. In January 2013, we acquired Afore Bancomer, thereby creating the largest pension fund management company in Mexico. The merger with some of these companies has resulted in and may continue to result in labor termination payments, contingent liabilities and certain penalties. We cannot predict if these events will continue or, if they continue, whether they will materially and adversely affect our business and operations. Furthermore, we could face similar problems in integrating any other merger, acquisition or business combination in the future. In addition to the markets in which we operate, we also intend to expand our business into certain regions of the United States. Derived from factors such as the changing regulatory environment, as well as intense competition, we cannot guarantee that we will be successful in expanding into new markets. If we are unable to implement and manage our growth strategy, our financial results, operations and business could be materially and adversely affected. a.20. We may need additional capital in the future, and may not be able to obtain such capital on acceptable terms, or at all. In order for us to grow, remain competitive, enter into new businesses, or meet regulatory capital adequacy requirements, we may require new capital in the future. Moreover, we may need to raise additional capital in the event of large losses in connection with any of our activities that result in a reduction of our stockholders equity. Our ability to obtain additional capital in the future is subject to a variety of uncertainties, including: our future financial position, results of operations and cash flows; any necessary government regulatory or corporate approvals; general market conditions for capital raising activities by commercial banks and other financial institutions; any reduction in our credit rating or the credit rating of our subsidiaries; and economic, political and other conditions in Mexico and elsewhere. Annual Report 2013 (Circular Unica de Emisoras) Grupo Financiero Banorte, S.A.B. de C.V. 20

The second to last paragraph of Article 86 of the Stock Market Law states that:

The second to last paragraph of Article 86 of the Stock Market Law states that: Annual Report 2013 GRUPO FINANCIERO BANORTE, S. A. B. DE C. V. Av. Revolucion 3000, Col. Primavera. C. P. 64830. Monterrey, N. L., Mexico. This Annual Report was prepared in accordance with regulations

More information

The second to last paragraph of Article 86 of the Stock Market Law states that:

The second to last paragraph of Article 86 of the Stock Market Law states that: Annual Report 2014 GRUPO FINANCIERO BANORTE, S. A. B. DE C. V. Av. Revolucion 3000, Col. Primavera. C. P. 64830. Monterrey, N. L., Mexico. This Annual Report was prepared in accordance with regulations

More information

GFNORTE 4Q13 Results. Conference Call January 31 st, 2014.

GFNORTE 4Q13 Results. Conference Call January 31 st, 2014. GFNORTE 4Q13 Results Conference Call January 31 st, 2014. Material Events Grupo Financiero Banorte advanced the payment of ordinary dividends corresponding to the first semester of 2014. The Ordinary General

More information

Audit and Corporate Practices Committee Report and Audited Financial Statements

Audit and Corporate Practices Committee Report and Audited Financial Statements Audit and Corporate Practices Committee Report and Audited Financial Statements Annual Report 2012 Index Page Audit and Corporate Practices Committee Report 2 Independent Auditors Report 4 Consolidated

More information

GFNORTE 3Q14 Results. Conference Call October 24, 2014.

GFNORTE 3Q14 Results. Conference Call October 24, 2014. GFNORTE 3Q14 Results Conference Call October 24, 2014. Material Events Shareholders' Assembly GFNorte held an Ordinary General Shareholders' Meeting on October 22 nd. The company s capital that was represented

More information

GFNORTE 3Q13 Results. Conference Call October 25 th, 2013.

GFNORTE 3Q13 Results. Conference Call October 25 th, 2013. GFNORTE Results Conference Call October 25 th, 2013. Material Events Organizational Changes. As part of ongoing efforts to focus the organization towards a client-centered business model, the following

More information

Annual Report 2011. Audited Financial Statements

Annual Report 2011. Audited Financial Statements Audited Financial Statements 1 Index Audit and Corporate Practices Committee Report Independent Auditors Report Balance Sheets Income Statements Statements of Changes in Stockholders Equity Cash Flow Statements

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT

More information

BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2013

BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2013 BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2013 Annual Report presented pursuant to the general regulations applicable to issuers of

More information

BALANCE SHEET AND INCOME STATEMENT

BALANCE SHEET AND INCOME STATEMENT BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and

More information

Grupo Financiero Banorte - Ixe

Grupo Financiero Banorte - Ixe Grupo Financiero Banorte - GBOOY XNOR Transaction Overview 2 3 The Transaction Grupo Financiero Banorte, S.A.B. de C.V. ("GFNORTE") (BMV:GFNORTEO), and Grupo Financiero, S.A.B. de C.V. ("IXE") (BMV:IXEGFO)

More information

BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2012

BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2012 BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO. ANNUAL REPORT 2012 Annual Report presented pursuant to the general regulations applicable to issuers of

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Second quarter. Financial Report Holding Monex

Second quarter. Financial Report Holding Monex 2011 Second quarter Financial Report Holding Monex 1 General Outlook Holding Monex is a 100% Mexican holding company, whose subsidiaries are Monex Grupo Financiero and other two nonfinancial corporations:

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

REPORT OF INDEPENDENT AUDITORS

REPORT OF INDEPENDENT AUDITORS REPORT OF INDEPENDENT AUDITORS PricewaterhouseCoopers, S.C. Condominio Losoles D-21 Av. Lázaro Cárdenas Poniente 2400 66270 Garza García, N.L. Teléfono 81 52 2000 Fax 83 63 3483 Monterrey, N. L., February

More information

October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com

October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR Q3 2015 DALLAS - October 21, 2015

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

EASTERN CARIBBEAN CENTRAL BANK

EASTERN CARIBBEAN CENTRAL BANK EASTERN CARIBBEAN CENTRAL BANK GUIDELINES ON CREDIT RISK MANAGEMENT FOR INSTITUTIONS LICENSED TO CONDUCT BANKING BUSINESS UNDER THE BANKING ACT Prepared by the BANK SUPERVISION DEPARTMENT May 2009 TABLE

More information

BANCO NACIONAL DE MEXICO, S. A. AND SUBSIDIARIES Grupo Financiero Banamex, S. A. de C. V. December 31, 2008 and 2007

BANCO NACIONAL DE MEXICO, S. A. AND SUBSIDIARIES Grupo Financiero Banamex, S. A. de C. V. December 31, 2008 and 2007 BANCO NACIONAL DE MEXICO, S. A. AND SUBSIDIARIES Consolidated Financial Statements December 31, 2008 and 2007 (With Independent Auditors Report Thereon) (Free Translation from Spanish Language Original)

More information

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES Current Versus Prior Year Quarter Highlights Earnings growth - Diluted EPS $0.29 in 2013 versus $0.08 in 2012 - Annualized return on average

More information

Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of

Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of millions. isclaimer Grupo Aval Acciones y Valores S.A. ( Grupo

More information

COMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS PER COMMON SHARE OF $.63

COMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS PER COMMON SHARE OF $.63 Exhibit 99.1 1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 CBSH FOR IMMEDIATE RELEASE: Wednesday, January 20, 2016 COMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS

More information

Discontinued Operations. The company recognized an expense for fees in connection with the discontinued operation of retail stores.

Discontinued Operations. The company recognized an expense for fees in connection with the discontinued operation of retail stores. COMMENTS AND ANALYSIS BY THE ADMINISTRATION ON THE OPERATIONAL RESULTS AND FINANCIAL SITUATION OF THE COMPANY AT THE CLOSE OF THE FIRST QUARTER 2012 (FIGURES IN MILLIONS OF PESOS) Million MXP: Millions

More information

BANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FOURTH QUARTER 2002

BANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FOURTH QUARTER 2002 Banco Santander Chile CONTACTS: Raimundo Monge Robert Moreno Desirée Soulodre Banco Santander Chile Banco Santander Chile Banco Santander Chile 562-320-8505 562-320-8284 562-647-6474 BANCO SANTANDER CHILE

More information

Financial Status, Operating Results and Risk Management

Financial Status, Operating Results and Risk Management Financial Status, Operating Results and Risk Management 87 Financial Status 88 89 90 90 90 95 95 Operating Results Cash Flow Effects of Major Capital Expenditures in the Most Recent Fiscal Year on Financial

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:

More information

INFONAVIT. Alejandro Murat Hinojosa

INFONAVIT. Alejandro Murat Hinojosa INFONAVIT Alejandro Murat Hinojosa INSTITUTO DEL FONDO NACIONAL DE LA VIVIENDA PARA LOS TRABAJADORES This presentation may contain forward looking statements. These statements may include the plans and

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

Banco Nacional de México, S. A., Integrante del Grupo Financiero Banamex and subsidiaries. Consolidated Financial Statements

Banco Nacional de México, S. A., Integrante del Grupo Financiero Banamex and subsidiaries. Consolidated Financial Statements Consolidated Financial Statements December 31, 2013 and 2012 (With Independent Auditors Report Thereon) (Translation from Spanish Language Original) The Board of Directors and Stockholders : Independent

More information

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS FOR IMMEDIATE RELEASE VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS Charlottesville, VA November 4, 2015 Virginia National Bankshares Corporation (OTCQX: VABK) (the

More information

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015 News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Controls and accounting policies

Controls and accounting policies Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement Fourth Quarter 2013 All financial information in this document is unaudited. This report should be read in conjunction with AIG s Annual Report on Form 10-K for the year ended December

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 Santiago, Chile, CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of

More information

4Q15. Management Discussion & Analysis and Complete Financial Statements

4Q15. Management Discussion & Analysis and Complete Financial Statements 4Q15 Management Discussion & Analysis and Complete Financial Statements CONTENTS 03 Management Discussion & Analysis 05 Executive Summary 15 Income Statement and Balance Sheet Analysis 16 18 22 25 28 33

More information

GE Capital. Second quarter 2012 supplement

GE Capital. Second quarter 2012 supplement GE Capital Second quarter supplement Results are unaudited. This document contains forward-looking statements that is, statements related to future, not past, events. In this context, forward-looking statements

More information

Daily Income Fund Institutional Service Class Shares ( Institutional Service Shares )

Daily Income Fund Institutional Service Class Shares ( Institutional Service Shares ) Daily Income Fund Institutional Service Class Shares ( Institutional Service Shares ) Money Market Portfolio Ticker Symbol: IMAXX U.S. Treasury Portfolio Ticker Symbol: IDAXX U.S. Government Portfolio

More information

Contact: Charity Frantz October 13, 2015 570-724-0225 charityf@cnbankpa.com

Contact: Charity Frantz October 13, 2015 570-724-0225 charityf@cnbankpa.com Contact: Charity Frantz October 13, 2015 570-724-0225 charityf@cnbankpa.com C&N ANNOUNCES THIRD QUARTER 2015 UNAUDITED FINANCIAL RESULTS FOR IMMEDIATE RELEASE: Wellsboro, PA Citizens & Northern Corporation

More information

SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated)

SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated) SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated) The following supplemental information should be read in connection

More information

FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE FOR IMMEDIATE RELEASE: First Banks, Inc. Announces First Quarter 2014 Results

FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE FOR IMMEDIATE RELEASE: First Banks, Inc. Announces First Quarter 2014 Results FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE Contacts: Terrance M. McCarthy Lisa K. Vansickle President and Executive Vice President and Chief Executive Officer Chief Financial Officer First Banks,

More information

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

April 25, 2016 (573) 778-1800

April 25, 2016 (573) 778-1800 FOR IMMEDIATE RELEASE Contact: Matt Funke, CFO April 25, 2016 (573) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY THIRD QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND OF $0.09 PER COMMON SHARE,

More information

Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014

Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014 Warsaw, February 12, 2015 Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014 Legal basis: Art. 5 section 1 item 25) of the Ordinance

More information

News Release April 29, 2016. Performance Review: Quarter ended March 31, 2016

News Release April 29, 2016. Performance Review: Quarter ended March 31, 2016 News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March

More information

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement Protective Life Corporation Post Office Box 2606 Birmingham, AL 35202 205-268-1000 FOR IMMEDIATE RELEASE Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

More information

NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL)

NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL) NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL) CONTACTS: Bank Mutual Corporation David A. Baumgarten President and Chief Executive Officer or Michael W. Dosland Senior Vice President

More information

BANCO SANTANDER-CHILE (d/b/a Banco Santander Santiago and Santander Santiago) (Exact name of Registrant as specified in its charter)

BANCO SANTANDER-CHILE (d/b/a Banco Santander Santiago and Santander Santiago) (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT

More information

4Q15 EARNINGS RELEASE OUTSTANDING DATA

4Q15 EARNINGS RELEASE OUTSTANDING DATA EARNINGS RELEASE Buenos Aires, Argentina, February 10, 2016 Banco Patagonia S.A. (BCBA: BPAT; BOVESPA: BPAT33) reports on the consolidated income of 4th quarter () for financial year 2015. OUTSTANDING

More information

2Q15 Consolidated Earnings Results

2Q15 Consolidated Earnings Results 2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K Current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

I. TERMS AND CONDITIONS. TBD Monthly Sole payment on redemption date. Non-guaranteed / Unsecured

I. TERMS AND CONDITIONS. TBD Monthly Sole payment on redemption date. Non-guaranteed / Unsecured MEMORÁNDUM PRELIMINAR DE VENTA HSBC MÉXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC ( HSBC ) ISSUANCE OF USD PREFERENTIAL SUBORDINATED DEBENTURES NON-CONVERTIBLE INTO HSBC SHARES ( SUBORDINATED

More information

Grupo Financiero HSBC

Grupo Financiero HSBC Grupo Financiero HSBC Financial information at tember 3Q15 Press Release Quarterly Report Third Quarter Release date: 28 October 1 28 October GRUPO FINANCIERO HSBC, S.A. DE C.V. THIRD QUARTER FINANCIAL

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of September 30, 2015 and December 31, 2014 and Results of Operations for the Nine Months Ended

More information

Liquidity and Funding Resources

Liquidity and Funding Resources 112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz

More information

HSBC MÉXICO, S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC FINANCIAL REPORT AS OF SEPTEMBER

HSBC MÉXICO, S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC FINANCIAL REPORT AS OF SEPTEMBER October 29, Mexico City HSBC MÉXICO, S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC FINANCIAL REPORT AS OF SEPTEMBER 30, In compliance with the disposal of general character applicable to the

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results

State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com Fourth Quarter 2015 Highlights State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results

More information

State Farm Bank, F.S.B.

State Farm Bank, F.S.B. State Farm Bank, F.S.B. 2015 Annual Stress Test Disclosure Dodd-Frank Act Company Run Stress Test Results Supervisory Severely Adverse Scenario June 25, 2015 1 Regulatory Requirement The 2015 Annual Stress

More information

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

More information

JPMORGAN CHASE & CO FORM FWP. (Free Writing Prospectus - Filing under Securities Act Rules 163/433) Filed 07/16/14

JPMORGAN CHASE & CO FORM FWP. (Free Writing Prospectus - Filing under Securities Act Rules 163/433) Filed 07/16/14 JPMORGAN CHASE & CO FORM FWP (Free Writing Prospectus - Filing under Securities Act Rules 163/433) Filed 07/16/14 Address 270 PARK AVE 38TH FL NEW YORK, NY 10017 Telephone 2122706000 CIK 0000019617 Symbol

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

January 25, 2016 (573) 778-1800

January 25, 2016 (573) 778-1800 FOR IMMEDIATE RELEASE Contact: Matt Funke, CFO January 25, 2016 (573) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY SECOND QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND OF $0.09 PER COMMON SHARE,

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

First quarter Highlights. Index

First quarter Highlights. Index Highlights At March 31, 2012, TELMEX supported 14.589 million lines, a decrease of 6.3% compared with a year ago. The reduction includes 184,000 lines that did not generate revenues. Total lines included:

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of March 31, 2015 and December 31, 2014 and Results of Operations for the Three Months Ended

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

The Kansai Electric Power Company, Incorporated and Subsidiaries

The Kansai Electric Power Company, Incorporated and Subsidiaries The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

The transfer between levels of hierarchy (i.e., from Level 2 to Level 1) in 2010 was due to the listing of the SMC shares in December 2010.

The transfer between levels of hierarchy (i.e., from Level 2 to Level 1) in 2010 was due to the listing of the SMC shares in December 2010. 24 In accordance with this amendment, financial assets and liabilities measured at fair value in the statement of financial position are categorized in accordance with the fair value hierarchy. This hierarchy

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus

More information

BANCO DE GALICIA Y BUENOS AIRES S.A. REPORTS EARNINGS FOR THE QUARTER ENDED MARCH 31, 2014

BANCO DE GALICIA Y BUENOS AIRES S.A. REPORTS EARNINGS FOR THE QUARTER ENDED MARCH 31, 2014 FOR IMMEDIATE RELEASE Banco de Galicia y Buenos Aires S.A. Phone (54) (11) 6329-6430 Fax (54) (11) 6329-6494 www.bancogalicia.com BANCO DE GALICIA Y BUENOS AIRES S.A. REPORTS EARNINGS FOR THE QUARTER ENDED

More information

Acquisition of Generali s Minority Participation in the Insurance and Annuities Business

Acquisition of Generali s Minority Participation in the Insurance and Annuities Business Acquisition of s Minority Participation in the Insurance and Annuities Business Conference Call June 19 th, 2013 1 Transaction Highlights On June 11, 2013, Grupo Financiero Banorte, S.A.B. de C.V. ( GFNorte

More information

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which

More information

PRESS RELEASE Contact: Richard P. Smith For Immediate Release President & CEO (530) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS

PRESS RELEASE Contact: Richard P. Smith For Immediate Release President & CEO (530) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS PRESS RELEASE Contact: Richard P. Smith For Immediate Release President & CEO (530) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS CHICO, Calif. (April 28, 2016) TriCo Bancshares (NASDAQ: TCBK)

More information

QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS

QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS PO Box 9005 Quakertown PA 18951-9005 215.538.5600 1.800.491.9070 www.qnbbank.com FOR IMMEDIATE RELEASE QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS QUAKERTOWN, PA (July 28, 2015) QNB Corp.

More information

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes

More information

FINANCIAL REVIEW AND REPORTS Comerica Incorporated and Subsidiaries Financial Results and Key Corporate Initiatives

FINANCIAL REVIEW AND REPORTS Comerica Incorporated and Subsidiaries Financial Results and Key Corporate Initiatives FINANCIAL REVIEW AND REPORTS Financial Results and Key Corporate Initiatives ************************************************ 23 Overview/Earnings Performance *************************************************************

More information

1st Capital Bank Announces Third Quarter 2016 Financial Results; Record Loan Portfolio

1st Capital Bank Announces Third Quarter 2016 Financial Results; Record Loan Portfolio October 27, 2016 FOR IMMEDIATE RELEASE 1st Capital Bank Announces Third Quarter 2016 Financial Results; Record Loan Portfolio Monterey, California October 27, 2016. 1st Capital Bank (OTC Pink: FISB) reported

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios 250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong

More information

HSBC North America Holdings Inc. 2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results

HSBC North America Holdings Inc. 2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results 2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results Date: March 5, 2015 TABLE OF CONTENTS PAGE 1. Overview of the Comprehensive Capital Analysis and

More information

2001 FINANCIAL SYSTEM REFORMS

2001 FINANCIAL SYSTEM REFORMS 2001 FINANCIAL SYSTEM REFORMS This document describes the major financial provisions issued in 2001. In order to facilitate consultation the provisions were ordered by topics beginning with regulations

More information

The Mexico Fund, Inc.

The Mexico Fund, Inc. The Mexico Fund, Inc. Monthly Summary Report March 212 Prepared By: Impulsora del Fondo México, sc Investment Advisor to the Fund www.themexicofund.com The information presented in this report has been

More information

STATE STREET INSTITUTIONAL INVESTMENT TRUST. Supplement Dated January 30, 2014. Prospectus Dated April 30, 2013

STATE STREET INSTITUTIONAL INVESTMENT TRUST. Supplement Dated January 30, 2014. Prospectus Dated April 30, 2013 STATE STREET INSTITUTIONAL INVESTMENT TRUST Supplement Dated January 30, 2014 Prospectus Dated April 30, 2013 State Street Institutional U.S. Government Money Market Fund State Street Institutional Treasury

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

FINANCIAL HIGHLIGHTS (1Q12 vs. 1Q11): RESULTS BY SEGMENT (1Q12 vs. 1Q11):

FINANCIAL HIGHLIGHTS (1Q12 vs. 1Q11): RESULTS BY SEGMENT (1Q12 vs. 1Q11): GRUPO SENDA AUTOTRANSPORTE, S.A. DE C.V. ANNOUNCES FIRST QUARTER 2012 RESULTS M onterrey, Nuevo Leon, Mexico May 9, 2012 Grupo Senda Autotransporte, S.A. de C.V. ( the Company or Grupo Senda ) today announced

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS

CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS FOR IMMEDIATE RELEASE CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS NET INCOME $84 Million in Q1 04 (+28%

More information

Summary Prospectus August 28, 2015, as revised September 21, 2015

Summary Prospectus August 28, 2015, as revised September 21, 2015 EXCHANGE TRADED CONCEPTS TRUST ROBO Global TM Robotics and Automation Index ETF Summary Prospectus August 28, 2015, as revised September 21, 2015 Principal Listing Exchange for the Fund: NASDAQ Stock Market

More information

June 2008 Supplement to Characteristics and Risks of Standardized Options

June 2008 Supplement to Characteristics and Risks of Standardized Options June 2008 Supplement to Characteristics and Risks of Standardized Options This supplement supersedes and replaces the April 2008 Supplement to the booklet entitled Characteristics and Risks of Standardized

More information

RBC Money Market Funds Prospectus

RBC Money Market Funds Prospectus RBC Money Market Funds Prospectus November 25, 2015 Prime Money Market Fund RBC Institutional Class 1: RBC Institutional Class 2: RBC Select Class: RBC Reserve Class: RBC Investor Class: TPNXX TKIXX TKSXX

More information